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Revenues came in at $168.5 million, also ahead of the estimates and up 28.8% year over year.

"Our first quarter results were outstanding. Building off the strong momentum we experienced during the year-end holidays, iRobot delivered first quarter 2017 consumer revenue growth of 32% due to growth across all regions," said the CEO.

After strong results and bullish outlook for the rest of 2017, the management increased their FY 2017 guidance. They now expect 2017 revenue of $780 to $790 million and EPS of between $1.45 and $1.70.

Rising Estimates

Analysts have been raising estimates for the company after better than expected results and guidance. Zacks Consensus Estimates for the current and next year have increased to $1.64 per share and $2.44 per share from $1.53 and $2.29, before the results.

The Bottom Line

The company is a leader in robotic vacuum market globally. With rising awareness about these smart appliances and continuous innovations, they are able to maintain their market share despite rising competition.

iRobot is also a rising player in the Internet of Things/Smart Home market. The sale of their connected devices is expected to rise significantly in the coming years.

In addition to a top Zacks rank, the stock has a style score of “A” for momentum as well as growth. It has an expected EPS growth rate of 22%.

3 Stocks to Ride a 588% Revenue Explosion

At Zacks, we're mostly focused on short-term profit cycles, but the hottest of all technology mega-trends is starting to take hold...By last year, it was already generating $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for those who make the right trades early.

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